REGISTERED COMPANY NUMBER: 05847393 (England and Wales) REGISTERED CHARITY NUMBER: 1186707
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 30 November 2022
for
Priddy Folk Festival
Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ
Priddy Folk Festival
Contents of the Financial Statements for the Year Ended 30 November 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
Priddy Folk Festival
Report of the Trustees for the Year Ended 30 November 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Significant activities
The year of 2022 was all about returning to normal operations after the absence for two years due to Covid. This presented many challenges as key infrastructure suppliers left the market, and some artists were unable to perform due to the impacts of Covid.
We allowed people to hold tickets that they bought for the cancelled 2020 festival until we returned and 80% of our patrons chose to do this. The remaining tickets all sold and we were also able to engage the full complement of volunteer stewards for the festival (which has been an issue for other festivals during 2022). The event went ahead without incident and was widely praised by our patrons in customer feedback.
We have also resumed our work with Halsway Manor (National Centre for Folk Arts) and The Wells Blue School (our local Secondary school in Somerset) in the Priddy Rising project where we pay for professional musicians to host two weekend workshops with a selection of pupils to help them put together a free concert which is performed live at the festival on our main stage. Four pupils from the Priddy Rising project are given bursaries to attend the Halsway Manor Young Folk residential week jointly funded from Halsway and the festival. Once again this was very popular with the students and with the festival attendees.
We have received renewed enthusiasm for our work and continue to work on ways we can improve the festival experience. We offer reduced price tickets for people receiving benefits which was taken up by more people than ever during 2022, possibly reflecting growing cost of living and difficult times many have experienced through Covid. We are also working to improve our environmental footprint. Finding ways to reduce waste, and reduce our carbon footprint. We now have a dedicated volunteer with experience in this area helping us to improve.
Costs have undoubtedly increased and we have suffered financially in the last two years, but we have been able to make significant donations to our supported causes following this year's festival as well as working on restoring our financial reserves. We were able to invite organisations to apply for donations once again.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05847393 (England and Wales)
Registered Charity number
1186707
Registered office
Rose Farm Wells Road Priddy Wells BA5 3AZ
Page 1
Priddy Folk Festival
Report of the Trustees for the Year Ended 30 November 2022
Trustees
Ms R Clarke D R Collier M J Cartmel Ms J Adams Ms L Chard
Company Secretary
Independent Examiner
Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. M J Cartmel - Trustee
Page 2
Independent Examiner's Report to the Trustees of Priddy Folk Festival
Independent examiner's report to the trustees of Priddy Folk Festival ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Martin J Bowe
Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ
Date: .............................................
Page 3
Priddy Folk Festival
Statement of Financial Activities for the Year Ended 30 November 2022
| 30.11.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2,041 Other trading activities 2 142,648 Investment income 3 94 Total 144,783 EXPENDITURE ON Raising funds 102,040 Charitable activities General 2,666 Other 11,078 Total 115,784 NET INCOME 28,999 RECONCILIATION OF FUNDS Total funds brought forward 35,897 TOTAL FUNDS CARRIED FORWARD 64,896 |
30.11.21 Total funds £ 35,513 2,758 4 |
|---|---|
| 38,275 | |
| 3,219 1,114 389 |
|
| 4,722 | |
| 33,553 2,344 |
|
| 35,897 |
The notes form part of these financial statements
Page 4
Priddy Folk Festival
Balance Sheet 30 November 2022
| 30.11.22 | 30.11.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 7 | 146 | 291 |
| CURRENT ASSETS | |||
| Cash at bank and in hand | 65,458 | 73,365 | |
| CREDITORS | |||
| Amounts falling due within one year | 8 | (708) | (37,759) |
| NET CURRENT ASSETS | 64,750 | 35,606 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 64,896 | 35,897 | |
| NET ASSETS | 64,896 | 35,897 | |
| FUNDS | 9 | ||
| Unrestricted funds | 64,896 | 35,897 | |
| TOTAL FUNDS | 64,896 | 35,897 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 5
Priddy Folk Festival
Balance Sheet - continued 30 November 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
M J Cartmel - Trustee
The notes form part of these financial statements
Page 6
Priddy Folk Festival
Notes to the Financial Statements for the Year Ended 30 November 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
Priddy Folk Festival
Notes to the Financial Statements - continued
for the Year Ended 30 November 2022
2. OTHER TRADING ACTIVITIES
| Ticket sales Merchandising Bar sales Car parking income Craft and food traders Miscellaneous income 3. INVESTMENT INCOME Deposit account interest 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
30.11.22 £ 101,293 3,657 20,392 2,852 14,098 356 142,648 30.11.22 £ 94 30.11.22 £ 145 |
30.11.21 £ 1,236 905 617 - - - |
|---|---|---|
| 2,758 | ||
| 30.11.21 £ 4 30.11.21 £ 143 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2022 nor for the year ended 30 November 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2022 nor for the year ended 30 November 2021.
continued...
Page 8
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2022
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 35,513 |
| Other trading activities | 2,758 |
| Investment income | 4 |
| Total | 38,275 |
| EXPENDITURE ON | |
| Raising funds | 3,219 |
| Charitable activities | |
| General | 1,114 |
| Other | 389 |
| Total | 4,722 |
| NET INCOME | 33,553 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 2,344 |
| TOTAL FUNDS CARRIED | |
| FORWARD | 35,897 |
continued...
Page 9
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2022
7. TANGIBLE FIXED ASSETS
| 7. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Plant and | |||||
| machinery | |||||
| £ | |||||
| COST | |||||
| At 1 December 2021 and | |||||
| 30 November 2022 | 434 | ||||
| DEPRECIATION | |||||
| At 1 December 2021 | 143 | ||||
| Charge for year | 145 | ||||
| At 30 November 2022 | 288 | ||||
| NET BOOK VALUE | |||||
| At 30 November 2022 | 146 | ||||
| At 30 November 2021 | 291 | ||||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 30.11.22 | 30.11.21 | ||||
| £ | £ | ||||
| Tax | - | (309) | |||
| Income received in advance | - | 36,678 | |||
| Accrued expenses | 708 | 1,390 | |||
| 708 | 37,759 | ||||
| 9. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| At | movement | At | |||
| 1.12.21 | in funds | 30.11.22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 35,897 | 28,999 | 64,896 | ||
| TOTAL FUNDS | 35,897 | 28,999 | 64,896 |
continued...
Page 10
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2022
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 144,783 TOTAL FUNDS 144,783 Comparatives for movement in funds At 1.12.20 £ Unrestricted funds General fund 2,344 TOTAL FUNDS 2,344 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 38,275 TOTAL FUNDS 38,275 |
Resources Movement expended in funds £ £ (115,784) 28,999 (115,784) 28,999 Net movement At in funds 30.11.21 £ £ 33,553 35,897 33,553 35,897 Resources Movement expended in funds £ £ (4,722) 33,553 (4,722) 33,553 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net At movement At 1.12.20 in funds 30.11.22 £ £ £ 2,344 62,552 64,896 2,344 62,552 64,896 |
Net At movement At 1.12.20 in funds 30.11.22 £ £ £ 2,344 62,552 64,896 2,344 62,552 64,896 |
|---|---|---|
| 64,896 |
continued...
Page 11
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2022
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 183,058 183,058 |
Resources Movement expended in funds £ £ (120,506) 62,552 (120,506) 62,552 |
|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2022.
Page 12
Priddy Folk Festival
Detailed Statement of Financial Activities for the Year Ended 30 November 2022
| 30.11.22 | 30.11.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations received | 2,041 | 35,513 |
| Other trading activities | ||
| Ticket sales | 101,293 | 1,236 |
| Merchandising | 3,657 | 905 |
| Bar sales | 20,392 | 617 |
| Car parking income | 2,852 | - |
| Craft and food traders | 14,098 | - |
| Miscellaneous income | 356 | - |
| 142,648 | 2,758 | |
| Investment income | ||
| Deposit account interest | 94 | 4 |
| Total incoming resources | 144,783 | 38,275 |
| EXPENDITURE | ||
| Other trading activities | ||
| Marquee & site | 15,728 | - |
| Ticketing costs | 985 | - |
| Merchandising costs | - | 7 |
| Sound & light systems | 12,933 | 950 |
| Field & village hall hire | 1,278 | 345 |
| Performers | 30,653 | 1,600 |
| Bar costs | 7,887 | 317 |
| Hospitality and accommodation | 3,886 | - |
| Hire of plant and equipment | 14,711 | - |
| Waste and recycling | 5,994 | - |
| First aid | 450 | - |
| Wristbands and lanyards | 211 | - |
| Rates and water | 50 | - |
| Insurance | 1,161 | - |
| Support staff | 4,515 | - |
| Security staff | 1,598 | - |
| 102,040 | 3,219 | |
| Other | ||
| Performing Rights Society | 2,873 | (50) |
| Carried forward | 2,873 | (50) |
This page does not form part of the statutory financial statements
Page 13
Priddy Folk Festival
Detailed Statement of Financial Activities for the Year Ended 30 November 2022
| 30.11.22 | 30.11.21 | |
|---|---|---|
| £ | £ | |
| Other | ||
| Brought forward | 2,873 | (50) |
| Website | 120 | 95 |
| Advertising and promotional | 1,046 | 14 |
| Sundries | 1,160 | 260 |
| Assoc. of Festival Organisers | (480) | 70 |
| Donations made | 6,359 | - |
| 11,078 | 389 | |
| Support costs | ||
| Finance | ||
| Bank charges | 1,645 | 11 |
| Other 2 | ||
| Plant and machinery | 145 | 143 |
| Governance costs | ||
| Accountancy | 876 | 960 |
| Total resources expended | 115,784 | 4,722 |
| Net income | 28,999 | 33,553 |
This page does not form part of the statutory financial statements
Page 14